Option Party, page-19

To answer the question in respect of management, story, earnings I first look for the theme, the story. For example . BID - AI applied to bill reading, E25 - manganese battery play. A sector that has strong tailwinds. I then look to see if management have delivered on what they have promised by reading all the releases over the last 3 to 5 years. I then look at management - history, google them, skin in the game, options awarded, remuneration, watch videos to assess their performance and leadership skills. Watching Indy Singh from FID and Justin Brown from E25 and Mike Lampron from M7T , what you see is what you get - eloquent, straightforward, logical people. It's like I'd feel very comfortable having a conversation with these guys and they have given me a certain level of comfort or trust. So after the theme is ticked and earnings are approaching cash flow positive it's really backing of management. With MOB as I thought the tech theme was so powerful, along with the international connections they had developed I gave management slack. Oren is a good guy and he was happy to take advice on how to promote to investors in Australia, he was engaging. The issue was when red flags over excessive remuneration were raised by me via email with evidence of remuneration of similar micro cap companies it was ignored where previously he had been very engaging. So here I am as a shareholder, flying the flag for MOB, having invested $200K, promoting where I could and assisting how to connect to the Australian investor market, having a legitimate concern about remuneration ( with advice how it could be addressed) only to be ignored. That motivated me to dig further into the remuneration, read the prospectus and uncover what was going on. So in a nutshell I was excited by the theme, impressed by Oren but didn't pay enough attention to the excessive remuneration and the red flags it raised. One of the best lessons I have learnt in investing and it only cost me $20K. Last time I looked at my FID holding it was $2.5M in the green plus $800K paid out in dividends.